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Contingent on voters approving a related amendment to the Utah Constitution, this bill would create a new system of taxpayer oversight over state and local government taxation and spending. If that constitutional amendment passes, most future tax increases and new government debt would require voter approval, and cities, counties, school districts, and other local governmental entities would face annual spending limits tied to factors such as prior-year spending, population, and inflation; any revenue collected above those limits would have to be refunded to taxpayers, generally through a property tax rate reduction or another method chosen by the local governing body. The bill would also eliminate automatic tax increases—such as those currently tied to inflation—and would exempt business personal property that is not already subject to a uniform fee from property taxation. It would additionally repeal the requirement that residential property be assessed using methods other than the sales comparison approach, leaving that approach as the standard method, and would revise state election procedures to accommodate the new voting requirements for tax and revenue increases.